Reference Case Number: FOI12080
Freedom of Information: Right to know request:
You asked for information relating to enforcement cases citing breaches of the Consumer Duty.
On 5 March 2023 you confirmed that your request should be limited to asset management and wealth management firms only. Full details of your request can be found in Annex A below.
FCA response:
1. The number of enforcement cases citing a breach or multiple breaches of the Consumer Duty opened from 31 July 2023 to date – please provide a breakdown between the number of cases against firms and against individuals.
We can confirm that, since 31 July 2023, we have opened one enforcement operation citing a breach or multiple breaches of the Consumer Duty in respect of an asset management or wealth management firm. This operation involves one investigation against a firm and one investigation against an individual.
2. The number of enforcement cases citing a breach or multiple breaches of the Consumer Duty closed from 31 July 2023 to date.
Since 31 July 2023 we have not closed any enforcement cases citing a breach or multiple breaches of the Consumer Duty in respect of an asset management or wealth management firm.
4. The number of enforcement cases citing a breach or multiple breaches of the Consumer Duty which resulted in enforcement action from 31 July 2023 to date – please provide a breakdown on the type of action taken; whether it was against a firm or individual, and what sector they operate in (i.e. asset management, wealth management etc.)
We have not taken any enforcement action from 31 July 2023 to date against an asset management or wealth management firm in respect of breaches of the Consumer Duty. The operation referred to in question 1 is still open.
Enforcement investigations are only one of the tools we use – co-operation, assertive supervision and intervention powers are also key in dealing with harm. Supervisory actions taken by the FCA include the use of tools such as skilled person reviews, attestations, redress and remediation plans, and requirements for firms to change processes and take action in response to findings from supervisory reviews.
Annex A
Original request:
Under the Freedom of Information Act, I would like to request the following information:
1) The number of enforcement cases citing a breach or multiple breaches of the Consumer Duty opened from 31 July 2023 to date – please provide a breakdown between the number of cases against firms and against individuals;
2) The number of enforcement cases citing a breach or multiple breaches of the Consumer Duty closed from 31 July 2023 to date;
3) The number of enforcement cases citing a breach or multiple breaches of the Consumer Duty which did not result in enforcement action from 31 July 2023 to date;
4) The number of enforcement cases citing a breach or multiple breaches of the Consumer Duty which resulted in enforcement action from 31 July 2023 to date – please provide a breakdown on the type of action taken; whether it was against a firm or individual, and what sector they operate in (i.e. asset management, wealth management etc.)
Clarified request:
If possible, can you please focus the response to my request (across all four points) only on asset management and wealth management.